Question

0.3%
X and Y are partners sharing profits and losses in the ratio of 2 : 1. They
agree to admit Z into partnership who gets 1/3rd share in the profits. Z brings in
50,000 for his capital and the necessary amount for goodwill in cash. Goodwill of
the firm is valued at 36,000. X, Y and Z agree to share future profits equally. The
amount of goodwill is withdrawn from the business. Pass entries.​

Answer 1

These journal entries should be passed